Outbid at Prosper!

by Dual Income No Kids on June 2, 2006 · 0 comments

It seems my initial expectations about prosper were somewhat off the mark. When I first got on the service, I didn’t entirely understand prospers loan bidding process and assumed that I every loan I bit on would be accepted.

However, since my last posting, I’ve lost out on four of the eight loans I’ve bid. Rats. I’ve investigated the process and it seems that successful bids are 1) made early and 2) lower than borrowers asking rate. My plan at this point is to lower my bid rate by a quarter of a percentage point. If it doesn’t work, I’ll make a note of it and post again.

In terms of a final comment, the bids I lost out on seemed to be for better quality borrowers. I like this. It means that prosper has a structural mechanism whereby people with better credit get lower loan rates. Lending systems should reward personal responsibility.

Best,

James

Get Your FREE Ebook

Screen_shot_2017-09-29_at_3.10.45_pm

DINKS (Dual Income No Kids) Finance focuses on personal finance for couples. While by no means financial experts, we strive to provide readers with new, innovative ways of thinking about finance. Sign up now to get our ebook, "Making Money Tips for Couples" FREE.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit



{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: